Mortice group raises 5 mn pounds at AIM

LONDON: Indian facilities management company Mortice Group has raised 5 million pounds on the London Stock Exchange's Alternative Investment Market (AIM). Grant Thornton, the nominated financial adviser for the company, revealed yesterday that the group had been admitted on the AIM with 5 million pounds in funds raised by placing 7.7 million new ordinary shares on the market. Fiona Owen, partner with Grant Thornton's South Asia Group, said Mortice Group's success highlighted the positive sentiment of the City and the opportunities available for Indian firms.

"India's rapid economic growth is creating a new wave of fast-growing businesses now looking to fund expansion, something the UK financial services industry should be actively pursuing," Owen said. She also said that at least six more Indian companies are planning to float on the LSE, mainly through AIM. According to Grant Thornton, the value of the stocks from the 23 India-focused companies on the AIM has risen to 3.19 billion pounds, with Great Eastern Energy Corporation stocks seeing a 126 per cent increase on a compounded annual growth rate basis.

AIM is the world's leading small-cap growth market, with over 2,900 companies choosing to join since it launched in 1995, raising more than 34 billion pounds in the process. In 2007, AIM accounted for 52 per cent of all IPOs on European stock exchanges.